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External Costs & Benefits quiz

King's InterHigh

Created on December 6, 2023

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EXTERNAL COSTS & BENEFITS

QUIZ ABOUT

START

GOODLUCK!

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The owners of the business

People who work for the business

Events on the third of the month

People outside of the business

Some production activity results in costs that are incurred by third parties. What are third parties?

WRONG!

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START OVER?

RIGHT!

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Business owners

Property owners

Local residents

Local residents

Which of the follow is not a third party?

WRONG!

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RIGHT!

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BENEFICIAL

SPILLOVER

CONSTRUCTIVE

POSITIVE

What is the missing word from this sentence? 'These external costs are the __________effects of production'.

WRONG!

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RIGHT!

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Beneficial extras

External benefits

External effects

Internal benefits

The consumption of certain goods can have positive spillover effects. What are these known as?

WRONG!

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RIGHT!

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Education and climate change

Pollution and Education

Healthcare and traffic congestion

Healthcare and Education

Select from the following the two examples of external benefits

WRONG!

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RIGHT!

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ENVIRONMENTAL

POLITICAL

ECONOMIC

SOCIAL

Complete this sentence about an example of an external benefit: 'If people are healthier they are able to work more effectively making contributions to ________ output and paying taxes'

WRONG!

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START OVER?

RIGHT!

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Public coss + public benefits

External benefits + external costs

Private costs + External costs

Private costs + private benefits

Social costs are costs to society as a whole of an economic activity. How are they calculated?

WRONG!

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RIGHT!

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Internal benefits and external benefits

Private costs +Private Benefits

Private costs +private benefits

Private benefits + External benefits

Social benefits are the benefits to society as a whole of an economic activity. How are they calculated?

WRONG!

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START OVER?

RIGHT!

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Taxation

Changing employment laws

Raising interest rates

Lowering interest rates

What can be used to reduce external costs of production?

WRONG!

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Lower tax

RIGHT!

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10

Concert tickets

Subsidies

Jobs

Governments can offer ____________ to firms to reduce external costs. This is when moneyis offered as an incentive.

WRONG!

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START OVER?

BACK

WELL DONE!

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YOU WIN!